Current Market Conditions

Welcome to the DEXTER ASSOCIATES REALTY STATISTICAL UPDATE PAGE. We want to ensure that our REALTORS® and our clients are well informed on current market conditions.

In our Blog below you will find a weekly market update. Within the Blog, there are 2 links updated weekly that separate and break down listing and sales statistics for market areas in and around the City of Vancouver. One link combines all residential types of properties for a select group of market areas and another link breaks down those areas by houses, townhouses and apartments.

If you have any questions at all, do not hesitate to contact one of our Dexter Associates!

Sales and listings stats are attached as of May 14, 2018. May’s sales are on a similar pace as April, with a slight increase in some areas. Vancouver’s West Side is on a slower pace compared to April with only 180 units sold at mid-month compared to 219 at the same time in April. New listings are off the pace of April so far. Government tinkering continues to play on the mind of the market – with the Federal Bank the last to jump into the fray with an increase in the qualification rate for the Stress Test on mortgages. A rise in inventory is helping to ease the supply pressure ever so slightly, taking some steam off multiple offers. But demand is still in the market, especially at the lower end. With price adjustments downward at the higher end. Here is a summary of the activity so far:

Greater Vancouver – 1,194 Units Sold so far in May 2018 compared to 1,143 Units Sold as of April 15, 2018. Total New Listings so far in May 2018 are 2,628 compared to 2,785 at the same time in April 2018. Total Active Listings are at 10,960 (8,608 at the same time last year). Sales To Listings Ratio is at 45% compared to 41% in April 2018 at mid-month.

Vancouver West - 180 Units Sold so far in May 2018 compared to 219 Units Sold as of April 15, 2018. Total New Listings so far in May 2018 are 515 compared to 594 at the same time in April 2018. Total Active Listings are at 2,101 (1,862 at the same time last year). Sales To Listings Ratio is at 35% compared to 37% in April 2018 at mid-month

Vancouver East – 144 Units Sold so far in May 2018 compared to 130 Units Sold as of April 15, 2018. Total New Listings so far in May 2018 are 306 compared to 329 at the same time in April 2018. Total Active Listings are at 1,266 (1,114 at the same time last year). Sales To Listings Ratio is at 47% compared to 40% in April 2018 at mid-month

North Vancouver – 98 Units Sold so far in May 2018 compared to 92 Units Sold as of April 15, 2018. Total New Listings so far in May 2018 are 193 compared to 235 at the same time in April 2018. Total Active Listings are at 679 (596 at the same time last year). Sales To Listings Ratio is at 51% compared to 39% in April 2018 at mid-month

West Vancouver – 31 Units Sold so far in May 2018 compared to 22 Units Sold as of April 15, 2018. Total New Listings so far in May 2018 are 135 compared to 128 at the same time in April 2018. Total Active Listings are at 686 (608 at the same time last year). Sales To Listings Ratio is at 23% compared to 17% in April 2018 at mid-month

Richmond – 156 Units Sold so far in May 2018 compared to 146 Units Sold as of April 15, 2018. Total New Listings so far in May 2018 are 364 compared to 317 at the same time in April 2018. Total Active Listings are at 1,540 (1,408 at the same time last year). Sales To Listings Ratio is at 43% compared to 46% in April 2018 at mid-month

Attached are the Sales and Listings Stats updated to the end of April 2018. April was a month of two tales – while sales were very much on par with March, the number of new listings were far ahead of the levels we saw in March. Active Listing counts are increasing, with the month over month amount increase in April for Greater Vancouver being the largest since the spring of 2012. Inventory is coming to the market and without any significant increases in demand, these levels will continue to grow. While detached properties showed less active demand once again, much more significantly at the higher end of the market, the condo market showed signs of a less activity with their inventory numbers increasing. With all the government tax measures on the mind of buyers and sellers, there is a wait and see approach to the market for some. That coupled with the increased stress test and rising mortgage rates, some buyers aren’t able to enter into the market at this time or bought prior to the implementation in January. This trend is being seen nationally as well, with some expecting the fall to see an increase in demand with the pent up demand coming back into the market. Something that could be seen here as well.

There were 2,631 homes sold of all types in Greater Vancouver in April this year compared with 3,617 sales in April last year and 4,898 homes sold in April 2016. This was 21 per cent below the 10 year average for April. Detached Houses saw an increase in sales in April 2018 for Greater Vancouver with there being 814 compared to 727 in April 2017 (up 12 per cent), but down from 1,215 in April 2017 and 1983 in April 2016. This was most pronounced in Vancouver’s West Side with there being 68 Detached House sales in April 2018, 109 sales in April 2017 and 230 sales in April 2016. West Vancouver continues to see low numbers with 32 Detached Houses sold in April 2018, 66 in April 2017 and 113 in April 2016. Richmond similarly saw lower detached house sales in April with there being 65 sales, while there were 157 in April 2017 and 212 sales in April 2016. We did see apartment sales grow as a proportion of total sales for April, year over year. Apartment sales made up 50.5 per cent of overall sales in April 2018 and made 48 per cent of all sales in 2017. The amount of Foreign Buyer sales as recorded at the time of purchase is down significantly since 2016 as provincial stats have shown, but overall demand is pushing to the lower price points making that segment of the market very competitive.

As for supply in the market, there were 5,943 new listings in April in Greater Vancouver, up 18 per cent from April last year and down from 5 per cent from April 2016. The amount of new listings in April 2018 were 1.5 per cent below the 10 year average for April. All segments of the market saw an increase in the amount of new listings. Over all in Greater Vancouver there are 4 Month’s Supply of inventory. Most areas in looking at all product are in the 4 to 5 month range, except for West Vancouver which is at 12 Months of Inventory – mostly made up of detached homes. The differentiation comes with the detached market were we are seeing 5 to 12 Month’s of Inventory depending on the area and in the condo market 1 to 3 Month’s of Inventory. But every neighbourhood is unique, the attached area by area and product by product market statistics will help understand where they are at.

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, Real Estate Board of Greater Vancouver president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.” “Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,708 sales of all property types on its Multiple Listing Service® in April, a decrease of 23.4 per cent compared to 2,230 sales in April of last year, and 2.6 per cent increase compared to the 1,664 sales in March 2018. Of the 1,708 sales processed last month 413 were townhouses and 498 were apartments, together representing 53 per cent of all transactions in April, up from 52 per cent in March. “While it’s great to see the increase in inventory we were looking for, both buyers and sellers remain careful as pricing continues to climb,” said John Barbisan, Board President. “This isn’t the same spring market we saw each of the last two years, but listings that are selling are still going fast.”

Greater Vancouver: Total Units Sold in April 2018 was 2,631 – up from 2,551 (3%) in March 2018, down from 3,617 (27%) in April 2017, down from 4,898 (46%) in April 2016; Active Listings are at 10,474 compared to 8,428 at this time last year; New Listings in April 2018 were up 18% compared to April 2017 and down 5% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 72% in April 2017.

Vancouver Westside Residential: Total Units Sold in April 2018 was 467 – up from 441 (6%) in March 2018, down from 613 (24%) in April 2017, down from 878 (47%) in April 2016; Active Listings are at 1,985 compared to 1,369 at this time last year; New Listings in April 2018 were up 34% compared to April 2017 and up 2% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 40% compared to 74% in April 2017.

Vancouver Eastside Residential: Total Units Sold in April 2018 was 298 – up from 284 (5%) in March 2018, down from 355 (16%) in April 2017, down from 429 (31%) in April 2016; Active Listings are at 1,223 compared to 1,093 at this time last year; New Listings in April 2018 were up 22% compared to April 2017 and up 27% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 42% compared to 60% in April 2017.

North Vancouver Residential Total Units Sold in April 2018 was 221 – up from 216 (2%) in March 2018, down from 255 (13%) in April 2017, down from 359 (38%) in April 2016; Active Listings are at 635 compared to 436 at this time last year; New Listings in April 2018 were up 35% compared to April 2017 and up 17% compared to April 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 46% compared to 71% in April 2017.

West Vancouver Houses: Total Units Sold in April 2018 was 56 – up from 42 (33%) in March 2018, down from 100 (44%) in April 2017, down from 142 (60%) in April 2016; Active Listings are at 653 compared to 511 at this time last year; New Listings in April 2018 were up 20% compared to April 2017 and up 1% compared to April 2016; Month’s Supply of Total Residential Listings is down to 12 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 21% compared to 45% in April 2017.

Richmond Residential: Total Units Sold in April 2018 was 312 – up from 206 (2%) in March 2018, down from 510 (39%) in April 2017, down from 617 (49%) in April 2016; Active Listings are at 1,475 compared to 1,086 at this time last year; New Listings in April 2018 were up 6% compared to April 2017 and down 15% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 45% compared to 78% in April 2017.

Burnaby East: Total Units Sold in April 2018 was 35 – up from 26 (35%) in March 2018, down from 46 (24%) in April 2017, down from 41 (15%) in April 2016; Active Listings are at 120 compared to 84 at this time last year; New Listings in April 2018 were up 10% compared to April 2017 and up 18% compared to April 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 53% compared to 77% in April 2017.

Burnaby North: Total Units Sold in April 2018 was 135 – up from 131 (3%) in March 2018, down from 200 (32%) in April 2017, down from 217 (38%) in April 2016; Active Listings are at 387 compared to 351 at this time last year; New Listings in April 2018 were up 7% compared to April 2017 and down 4% compared to April 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 48% compared to 77% in April 2017.

Burnaby South: Total Units Sold in April 2018 was 108 – up from 103 (5%) in March 2018, down from 164 (34%) in April 2017, down from 254 (57%) in April 2016; Active Listings are at 467 compared to 397 at this time last year; New Listings in April 2018 were up 7% compared to April 2017 and down 15% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 38% compared to 62% in April 2017.

New Westminster: Total Units Sold in April 2018 was 133 – down from 149 (10%) in March 2018, down from 179 (26%) in April 2017, down from 216 (38%) in April 2016; Active Listings are at 286 compared to 247 at this time last year; New Listings in April 2018 were up 10% compared to April 2017 and up 4% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 84% in April 2017.

Coquitlam: Total Units Sold in April 2018 was 202 – down from 204 (1%) in March 2018, down from 295 (32%) in April 2017, down from 406 (50%) in April 2016; Active Listings are at 666 compared to 490 at this time last year; New Listings in April 2018 were up 15% compared to April 2017 and down 25% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 74% in April 2017.

Port Moody: Total Units Sold in April 2018 was 54 – down from 57 (5%) in March 2018, down from 85 (34%) in April 2017, down from 128 (58%) in April 2016; Active Listings are at 155 compared to 143 at this time last year; New Listings in April 2018 were up 12% compared to April 2017 and down 22% compared to April 2016; Month’s Supply of Total Residential Listings are up to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 48% compared to 66% in April 2017.

Port Coquitlam: Total Units Sold in April 2018 was 103 – flat to 103 in March 2018, down from 121 (15%) in April 2017, down from 206 (50%) in April 2016; Active Listings are at 197 compared to 177 at this time last year; New Listings in April 2018 were up 23% compared to April 2017 and down 22% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 81% in April 2017.

Ladner: Total Units Sold in April 2018 was 32 – up from (33%) in March 2018, down from 46 (30%) in April 2017, down from 53 (40%) in April 2016; Active Listings are at 129 compared to 155 at this time last year; New Listings in April 2018 were flat compared to April 2017 and down 34% compared to April 2016; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Buyer’s to Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 81% in April 2017.

Tsawwassen: Total Units Sold in April 2018 was 38 – down from 39 (1%) in March 2018, down from 41 (5%) in April 2017, down from 67 (43%) in April 2016; Active Listings are at 243 compared to 183 at this time last year; New Listings in April 2018 were up 65% compared to April 2017 and up to 5% compared to April 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 32% compared to 58% in April 2017.

Sales and listings stats are attached as of April 15, 2018. The pace of April sales is close to matching that of March, but the number of new listings is on the rise. While the first week of April was slow to start with both sales and listings due to the Easter Weekend and spring break ending in March, last week saw the highest level of weekly sales reported for Greater Vancouver since last fall and the highest level of weekly new listings in over a year. As a result, Active Listings for Greater Vancouver are close to 10,000 and are likely to be at the highest point since 2015. Sales to Listings Ratios are lower this month compared to March, so far. With this trend showing across all product types and inventories going up for Detached, Townhouses and Condos. The pace should increase for both sales and listings as the second half of the month continues. Here is a summary of the activity so far:

Greater Vancouver – 1,143 Units Sold so far in April 2018 compared to 1,674 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 2,785 compared to 2,308 at the same time in April 2017. Total Active Listings are at 9,723 (8,139 at the same time last year). Sales To Listings Ratio is at 41% compared to 72% in April 2017.

Vancouver West - 219 Units Sold so far in April 2018 compared to 263 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 594 compared to 407 at the same time in April 2017. Total Active Listings are at 1,862 (1,359 at the same time last year). Sales To Listings Ratio is at 37% compared to 71% in April 2017.

Vancouver East – 130 Units Sold so far in April 2018 compared to 162 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 329 compared to 268 at the same time in April 2017. Total Active Listings are at 1,114 (1,025 at the same time last year). Sales To Listings Ratio is at 40% compared to 60% in April 2017.

North Vancouver – 92 Units Sold so far in April 2018 compared to 120 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 235 compared to 150 at the same time in April 2017. Total Active Listings are at 596 (400 at the same time last year). Sales To Listings Ratio is at 39% compared to 71% in April 2017.

West Vancouver – 22 Units Sold so far in April 2018 compared to 42 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 128 compared to 99 at the same time in April 2017. Total Active Listings are at 608 (481 at the same time last year). Sales To Listings Ratio is at 17% compared to 45% in April 2017.

Richmond – 146 Units Sold so far in April 2018 compared to 228 Units Sold as of April 16, 2017. Total New Listings so far in April 2018 are 317 compared to 290 at the same time in April 2017. Total Active Listings are at 1,408 (1,103 at the same time last year). Sales To Listings Ratio is at 46% compared to 78% in April 2017.

Attached are the Sales and Listings Stats updated to the end of March 2018. With the government distractions thrust into the market the numbers are not surprising. With mortgage rule changes that increased the financial requirement for conventional mortgages, new housing tax policy and changes involving the Foreign Buyer Tax and Property Transfer Tax and a “Speculation Tax” and “School Tax”, it’s not surprising that the first quarter of 2018 in Metro Vancouver real estate showed less than average numbers.

Recapping, the Foreign Buyer Tax was increased to 20 per cent and extending to other regions in the province, an increase in the Property Transfer Tax to 5 per cent from 3 per cent on the value above $3 Million, an increased school tax on values above $3 Million and an annual Speculation Tax starting at 0.5 per cent of assessed value in 2018 and 2 percent in 2019 and going forward annually. The Speculation Tax received much push back and a result was changes to the areas covered and amount of tax paid starting in 2019. With British Columbia residents only responsible to pay 0.5 per cent for applicable properties, Canadians and permanent residents of Canada not paying income tax in B.C. having to pay 1 per cent and any non-residents of Canada responsible to pay 2 per cent on any applicable properties. But it has left questions and concerns still, which has translated into a hesitation in the real estate market.

There were 2,551 homes sold in Greater Vancouver in March this year compared with 3,632 sales in a March last year and a record 5,301 homes sold in March 2016. This was 22 per cent below the 10 year average for March. Detached Houses continue to lag in sales with there being 727 sold in March 2018, 1,156 in March 2017 and 2,148 in March 2016. This was most pronounced in Vancouver’s West Side with there being 53 Detached House sales in March 2018 matching February, 95 sales in March 2017 and 219 sales in March 2016. West Vancouver continues to see low numbers with 26 Detached Houses sold in March 2018, 59 sold in March 2017 and 146 in March 2016. The implementation of the Foreign Buyer Tax in 2016 and more so the increase in the Property Transfer Tax on values above $2 Million in early 2016 put a drag on the higher end of the market which carried through and certainly already dampening that market prior to further measures enacted with the provincial budget in February. It could be argued that demand has been pushed to the lower end and apartment market, a segment already with strong demand and starving for product. Thereby making affordability even more of an issue for buyers as prices rise and there being significant multiple offer activity.

As for supply in the market, there were 4,577 new listings in March in Greater Vancouver, down 6 per cent from March last year and down from 29 per cent from March 2016. The amount of new listings in March 2018 were 22 per cent below the 10 year average for March. It was the lowest for the month of March since 2009 and 4th lowest since 1991.The Detached House market for the higher end remains in Buyer’s Market territory while in areas moving east we are seeing it shift towards a Buyer’s Market bordering on balanced. Lower price points are where there is greater activity. The apartment market continues to be extremely low on supply with there being 1 to 2 months of inventory in all areas of Metro Vancouver. It’s worth noting that in Toronto, Detached House sales in March were 50 per cent less than Detached Home sales for March 2017. With the higher end of their market experiencing similar declines in sales volumes as we are seeing here, notably West Vancouver and Vancouver’s West Side.

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, Real Estate Board of Greater Vancouver president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,664 sales of all property types on its Multiple Listing Service® in March, a decrease of 25 per cent compared to 2,213 sales in March of last year, and 20 per cent increase compared to the 1,385 sales in February 2018. Of the 1,664 sales processed last month 410 were townhouses and 460 were apartments, together representing 52 per cent of all transactions in March. “We continue to see demand capped-off due to an inadequate amount of supply,” said John Barbisan, Board President. “March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.”

Greater Vancouver: Total Units Sold in March 2018 was 2,551 – up from 2,241 (14%) in February 2018, down from 3,632 (30%) in March 2017, down from 5,301 (52%) in March 2016; Active Listings are at 9,037 compared to 8,211 at this time last year; New Listings in March 2018 were down 6% compared to March 2017 and down 29% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 74% in March 2017.

Vancouver Westside Residential: Total Units Sold in March 2018 was 441 – up from 429 (3%) in February 2018, down from 616 (28%) in March 2017, down from 1,001 (56%) in March 2016; Active Listings are at 1,691 compared to 1,342 at this time last year; New Listings in March 2018 were up 8% compared to March 2017 and down 28% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 49% compared to 75% in March 2017.

Vancouver Eastside Residential: Total Units Sold in March 2018 was 284 – up from 244 (16%) in February 2018, down from 384 (26%) in March 2017, down from 476 (40%) in March 2016; Active Listings are at 1,043 compared to 984 at this time last year; New Listings in March 2018 were down 3% compared to March 2017 and down 11% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 55% compared to 73% in March 2017.

North Vancouver Residential Total Units Sold in March 2018 was 216 – up from 166 (30%) in February 2018, down from 261 (17%) in March 2017, down from 407 (47%) in March 2016; Active Listings are at 516 compared to 413 at this time last year; New Listings in March 2018 were up 6% compared to March 2017 and down 18% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 60% compared to 76% in March 2017.

West Vancouver Houses: Total Units Sold in March 2018 was 42 – the same level as in February 2018, down from 97 (57%) in March 2017, down from 179 (76%) in March 2016; Active Listings are at 585 compared to 471 at this time last year; New Listings in March 2018 were down 26% compared to March 2017 and down 37% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 14 Month’s Supply (Detached a strong Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 27% compared to 46% in March 2017.

Richmond Residential: Total Units Sold in March 2018 was 306 – up from 262 (17%) in February 2018, down from 537 (23%) in March 2017, down from 663 (54%) in March 2016; Active Listings are at 1,379 compared to 1,154 at this time last year; New Listings in March 2018 were down 11% compared to March 2017 and down 35% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 50% compared to 79% in March 2017.

Burnaby East: Total Units Sold in March 2018 was 26 – down from 34 (24%) in February 2018, down from 53 (51%) in March 2017, down from 58 (55%) in March 2016; Active Listings are at 123 compared to 85 at this time last year; New Listings in March 2018 were down 35% compared to March 2017 and down 48% compared to March 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 63% compared to 83% in March 2017.

Burnaby North: Total Units Sold in March 2018 was 131 – up from 89 (47%) in February 2018, down from 170 (33%) in March 2017, down from 265 (51%) in March 2016; Active Listings are at 314 compared to 341 at this time last year; New Listings in March 2018 were down 9% compared to March 2017 and down 29% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Detached being Balanced to a Seller’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 61% compared to 71% in March 2017.

Burnaby South: Total Units Sold in March 2018 was 103 – down from 135 (26%) in February 2018, down from 167 (39%) in March 2017, down from 279 (60%) in March 2016; Active Listings are at 390 compared to 375 at this time last year; New Listings in March 2018 were down 13% compared to March 2017 and down 38% compared to March 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 53% compared to 74% in March 2017.

New Westminster: Total Units Sold in March 2018 was 149 – up from 103 (44%) in February 2018, down from 166 (10%) in March 2017, down from 192 (22%) in March 2016; Active Listings are at 224 compared to 238 at this time last year; New Listings in March 2018 were down 5% compared to March 2017 and down 27% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Detached being a Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 77% compared to 81% in March 2017.

Coquitlam: Total Units Sold in March 2018 was 204 – up from 178 (15%) in February 2018, down from 303 (33%) in March 2017, down from 438 (53%) in March 2016; Active Listings are at 552 compared to 453 at this time last year; New Listings in March 2018 were down 14% compared to March 2017 and down 41% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Detached being a Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 63% compared to 80% in March 2017.

Port Moody: Total Units Sold in March 2018 was 57 – up from 42 (36%) in February 2018, down from 83 (31%) in March 2017, down from 129 (56%) in March 2016; Active Listings are at 131 compared to 121 at this time last year; New Listings in March 2018 were down 18% compared to March 2017 and down 50% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Detached being a Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 73% compared to 87% in March 2017.

Port Coquitlam: Total Units Sold in March 2018 was 103 – up from 84 (23%) in February 2018, down from 139 (26%) in March 2017, down from 225 (55%) in March 2016; Active Listings are at 160 compared to 185 at this time last year; New Listings in March 2018 were down 30% compared to March 2017 and down 55% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Detached being a Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 82% compared to 78% in March 2017.

Ladner: Total Units Sold in March 2018 was 24 – up from 19 in February 2018, down from 45 (57%) in March 2017, down from 59 (59%) in March 2016; Active Listings are at 126 compared to 163 at this time last year; New Listings in March 2018 were down 22% compared to March 2017 and down 18% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 61% in March 2017.

Tsawwassen: Total Units Sold in March 2018 was 39 – up from 29 (34%) in February 2018, down from 58 (32%) in March 2017, down from 81 (52%) in March 2016; Active Listings are at 194 compared to 174 at this time last year; New Listings in March 2018 were up 19% compared to March 2017 and down 20% compared to March 2016; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Detached being a Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 45% compared to 79% in March 2017.

Sales and listings stats are attached as of March 18, 2018. Total sales so far in February for Greater Vancouver is at 1,481 compared to 1,999 at the same point in March last year. New listings are at 2,700 so far compared to 2,732 at the same point last year. While most areas are on a similar pace for new listings, Richmond and West Vancouver are well behind the pace of last March – especially on the detached side. Vancouver West and North Vancouver is ahead of last year’s pace for new listings. That could be translating in both being off last year’s sales in March the least – down 80 per cent month to date in Vancouver’s West Side and down 87 per cent in North Vancouver. While Richmond is off 60 per cent to last year and West Vancouver down 52 per cent to last year. Over all though, the detached market continues to be in Buyer’s Market conditions in most areas, if not trending there in others.

With the hangover of new mortgage rules and uncertainty in new provincial taxes, there is some hesitation in the market but its more price point and availability of product that are affecting the market more. Here is a summary of the activity so far:

Greater Vancouver – 1,481 Units Sold so far in March 2018 compared to 1,999 Units as of March 19, 2017. Total New Listings so far in March 2018 are 2,700 compared to 2,732 at the same time in March 2017. Total Active Listings are at 8,742 (8,124 at the same time last year). Sales To Listings Ratio is at 55% compared to 51% in February 2018.

Vancouver West - 255 Units Sold so far in March 2018 compared to 317 Units as of March 19, 2017. Total New Listings so far in March 2018 are 523 compared to 454 at the same time in March 2017. Total Active Listings are at 1,636 (1,349 at the same time last year). Sales To Listings Ratio is at 49% compared to 48% in February 2018.

Vancouver East – 162 Units Sold so far in March 2018 compared to 226 Units as of March 19, 2017. Total New Listings so far in March 2018 are 298 compared to 285 at the same time in March 2017. Total Active Listings are at 1,005 (945 at the same time last year). Sales To Listings Ratio is at 54% compared to 51% in February 2018.

North Vancouver – 128 Units Sold so far in March 2018 compared to 147 Units as of March 19, 2017. Total New Listings so far in March 2018 are 236 compared to 172 at the same time in March 2017. Total Active Listings are at 524 (385 at the same time last year). Sales To Listings Ratio is at 54% compared to 52% in February 2018.

West Vancouver – 28 Units Sold so far in March 2018 compared to 54 Units as of March 19, 2017. Total New Listings so far in March 2018 are 97 compared to 113 at the same time in March 2017. Total Active Listings are at 583 (456 at the same time last year). Sales To Listings Ratio is at 27% compared to 20% in February 2018.

Richmond – 179 Units Sold so far in March 2018 compared to 299 Units as of March 19, 2017. Total New Listings so far in March 2018 are 368 compared to 401 at the same time in March 2017. Total Active Listings are at 1,340 (1,169 at the same time last year). Sales To Listings Ratio is at 49% compared to 41% in February 2018.

Attached are the Sales and Listings Stats updated to the end of February 2018. The real estate market in Metro Vancouver was under fire with the BC NDP Provincial Government releasing their first budget after 16 years in opposition. The budget contained new demand side taxes in the form of an increased Foreign Buyer Tax, going to 20% and extending to other regions in the province, an increase in the Property Transfer Tax to 5 per cent from 3 per cent on the value above $3 Million, increased school tax on values above $3 Million and an annual Speculation Tax starting at 0.5 per cent of assessed value in 2018 and 2 percent in 2019 and going forward annually. The details of the Speculation Tax still have to be determined but essentially applies to properties not owned by British Columbians and that are sitting vacant. There were 2,241 homes sold in Greater Vancouver in February this year compared with 2,461 sales in a record February last year and 4,254 homes sold in February 2016. This was 14 per cent below the 20 year average for February. Detached houses have seen a significant drop in sales with there being 622 sold in February 2018, 749 in February 2017 and 1,784 in February 2016. This was most pronounced in Vancouver’s West Side with there being 53 sales in February 2018, 93 sales in February 2017 and 226 sales in February 2016. In Richmond it was a similar story with 52 Detached Houses sold in February 2018, 92 sold in February 2017 and 204 in February 2016. It seems that the detached market lost all the speculation from it far before the provincial government stepped in. In February 2016, detached homes sales made up 42 per cent of all sales, in February 2017 they were only 30 per cent of all sales while this year that decline continued to 27 per cent. While the percentage of attached homes remained consistent between the three years, apartments made up 42 per cent of sales in February 2016 and 52 per cent of sales in February 2017 and 53 per cent this year.

On the other side of the equation, there were 4,363 new listings in February in Greater Vancouver, up 16 percent from February last year and down from 27 per cent from February 2016. The amount of new listings in February 2018 were 9 per cent below the 20 year average for February. While detached homes are increasing in numbers, townhouse and apartment properties still remain in short supply with apartments seeing more instances of multiple offers than townhouses. Detached houses are entering buyer’s market conditions, certainly in the higher price points. With the implementation of the new taxes, the above $3 Million market will likely go deeper into a buyer’s market. With the lower end of the market in the attached side becoming more competitive and prices will continue to climb. Affordability certainly won’t be achieved by these government changes. And the Speculation Tax may decrease the rental supply even more as landlords decide to sell instead of paying the tax, even B.C Residents who could get a tax credit but would still have to pay the tax up front. We’ll await the final details of the tax in the coming months.

“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level or our market,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyer’s market territory.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,385 sales of all property types on its Multiple Listing Service® in February, a decrease of 0.8 per cent compared to 1,396 sales in February of last year, and 14.5 per cent increase compared to the 1,210 sales in January 2018. Of the 1,385 sales processed last month 336 were townhouses and 379 were apartments, together representing 52 per cent of all transactions in February.

Greater Vancouver: Total Units Sold in February 2018 was 2,241 – up from 1,846 (21%) in January 2018, down from 2,461 (9%) in February 2017, down from 4,254 (47%) in February 2016; Active Listings are at 8,421 compared to 8,200 at this time last year; New Listings in February 2018 were up 16% compared to February 2017 and down 27% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 65% in February 2017.

Vancouver Westside Residential: Total Units Sold in February 2018 was 429 – up from 1,846 (37%) in January 2018, down from 505 (15%) in February 2017, down from 852 (50%) in February 2016; Active Listings are at 1,553 compared to 1,376 at this time last year; New Listings in February 2018 were up 29% compared to February 2017 and down 26% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 48% compared to 73% in February 2017.

Vancouver Eastside Residential: Total Units Sold in February 2018 was 244 – up from 137 (78%) in January 2018, up from 229 (7%) in February 2017, down from 342 (29%) in February 2016; Active Listings are at 981 compared to 966 at this time last year; New Listings in February 2018 were up 17% compared to February 2017 and down 8% compared to February 2016; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 56% in February 2017.

North Vancouver Residential Total Units Sold in February 2018 was 166 – up from 132 (26%) in January 2018, down from 216 (23%) in February 2017, down from 346 (52%) in February 2016; Active Listings are at 494 compared to 414 at this time last year; New Listings in February 2018 were up 9% compared to February 2017 and down 34% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 52% compared to 73% in February 2017.

West Vancouver Houses: Total Units Sold in February 2018 was 42 – down from 43 (2%) in January 2018, down from 57 (26%) in February 2017, down from 169 (75%) in February 2016; Active Listings are at 570 compared to 448 at this time last year; New Listings in February 2018 were up 36% compared to February 2017 and down 25% compared to February 2016; Month’s Supply of Total Residential Listings is steady up to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 20% compared to 38% in February 2017.

Richmond Residential: Total Units Sold in February 2018 was 262 – down from 275 (5%) in January 2018, down from 338 (23%) in February 2017, down from 533 (51%) in February 2016; Active Listings are at 1,290 compared to 1,182 at this time last year; New Listings in February 2018 were up 28% compared to February 2017 and down 15% compared to February 2016; Month’s Supply of Total Residential Listings is steady up to 5 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 41% compared to 67% in February 2017.

Burnaby East: Total Units Sold in February 2018 was 34 – up from 29 (17%) in January 2018, up from 17 (200%) in February 2017, down from 43 (21%) in February 2016; Active Listings are at 121 compared to 92 at this time last year; New Listings in February 2018 were up 40% compared to February 2017 and up 3% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 35% in February 2017.

Burnaby North: Total Units Sold in February 2018 was 89 – up from 73 (22%) in January 2018, down from 113 (21%) in February 2017, down from 195 (55%) in February 2016; Active Listings are at 297 compared to 332 at this time last year; New Listings in February 2018 were down 18% compared to February 2017 and down 41% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 54% in February 2017.

Burnaby South: Total Units Sold in February 2018 was 135 – up from 102 (32%) in January 2018, up from 95 (42%) in February 2017, down from 227 (40%) in February 2016; Active Listings are at 353 compared to 384 at this time last year; New Listings in February 2018 were up 3% compared to February 2017 and down 38% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 75% compared to 54% in February 2017.

New Westminster: Total Units Sold in February 2018 was 103 – up from 96 (7%) in January 2018, down from 108 (5%) in February 2017, down from 162 (36%) in February 2016; Active Listings are at 210 compared to 230 at this time last year; New Listings in February 2018 were up 6% compared to February 2017 and down 34% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 67% compared to 74% in February 2017.

Coquitlam: Total Units Sold in February 2018 was 178 – up from 156 (14%) in January 2018, down from 194 (8%) in February 2017, down from 372 (52%) in February 2016; Active Listings are at 511 compared to 455 at this time last year; New Listings in February 2018 were up 13% compared to February 2017 and down 36% compared to February 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 60% compared to 73% in February 2017.

Port Moody: Total Units Sold in February 2018 was 42 – down from 46 (9%) in January 2018, down from 49 (14%) in February 2017, down from 87 (52%) in February 2016; Active Listings are at 131 compared to 123 at this time last year; New Listings in February 2018 were up 7% compared to February 2017 and down 39% compared to February 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 47% compared to 59% in February 2017.

Port Coquitlam: Total Units Sold in February 2018 was 84 – up from 58 (45%) in January 2018, up from 80 (5%) in February 2017, down from 190 (55%) in February 2016; Active Listings are at 168 compared to 185 at this time last year; New Listings in February 2018 were down 1% compared to February 2017 and down 44% compared to February 2016; Month’s Supply of Total Residential Listings is steady down to 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 65% compared to 61% in February 2017.

Ladner: Total Units Sold in February 2018 was 19 – flat to 19 in January 2018, down from 47 (60%) in February 2017, down from 27 (30%) in February 2016; Active Listings are at 115 compared to 150 at this time last year; New Listings in February 2018 were down 15% compared to February 2017 and down 26% compared to February 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 42% compared to 89% in February 2017.

Tsawwassen: Total Units Sold in February 2018 was 29 – up from 16 (81%) in January 2018, up from 26 (11%) in February 2017, down from 60 (51%) in February 2016; Active Listings are at 173 compared to 192 at this time last year; New Listings in February 2018 were up 37% compared to February 2017 and down 55% compared to February 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 43% compared to 53% in February 2017.

On February 20, 2018 the B.C. Provincial Government lead by the New Democratic Party released their first budget after forming a coalition government with the Green Party last summer. While there has much speculation about what would be contained in the budget, it was believed that housing affordability would be a key target for the government – and it certainly was. While the tools brought forward by the government in the budget will have some impact on the real estate market, affordability is not likely to be directly affected to any great degree. In fact, it will likely make the most competitive segment of the market, properties below $1,000,000, even more competitive. And with the current lack of supply in that market segment continuing, pressure on prices will continue and thus having an adverse effect on affordability where it is needed most.

To understand why the government put forth the policies they did, one must understand the climate of the market and the sense of the current public perception. The City of Vancouver is seen as a jewel for those living here and visiting. With its location being nestled against local mountains, the ocean on its doorstep and a climate that is the envy to the rest of Canada, it draws many people to visit and some to eventually relocate. The Winter Olympics of 2010 were one of the biggest advertisements for the region – showing the diversity of the city not to mention that a world class ski resort was only a 90 minute drive away! With Vancouver having the fastest growing population in Canada and one of the fastest growing populations out of developed nations, the need for homes will continue to be an issue going forward. Immigration will be and needs to be a driving force of Canada in the years to come, with two thirds of those immigrating being economic drivers.

So what were the changes announced in the February 20th Budget?

The Property Transfer Tax (Stamp Duty) paid when purchasing residential property will be increased to 5% (from 3%) on the purchase price above $3,000,000 effective February 21st, 2018 for all properties in the Greater Vancouver Regional District and at this point it now appears to be regardless of the date the contract is written.

The effect? The market above $3,000,000 has already been quiet in Metro Vancouver. With the majority of properties in that price range in West Vancouver and Vancouver’s West Side, we’ve seen sales decline significantly in the last 2 years, even prior to the initial Foreign Buyer’s Tax coming in to place. The Property Transfer Tax was increased from 2% to 3% for properties above $2,000,000 in February 2016 which had an effect at that time. It will put greater pressure on prices below $3,000,000. The biggest effect will be the lack of transitional rules for properties in Greater Vancouver – meaning any written contracts completing after February 20th, 2018 will be subject to the increase.

The Foreign Buyer Tax has been increased to 20% as of February 21, 2018 and expanded to areas outside of the Greater Vancouver Regional District (Capital Regional District, Fraser Valley Regional District, Regional District of the Central Okanagan, Regional District of Nanaimo). The timelines for transitional rules are in the link below, but essentially the increased Foreign Buyer’s Tax is effective on all deals completing as of February 20, 2018 in Greater Vancouver and in the other areas affected if contracts were dated prior to February 21th, 2018 and complete prior to May 18, 2018 then they would be exempt. Outside those dates, all properties will be subject to the Foreign Buyer Tax of 20% in those areas noted.

For Greater Vancouver, the tax isn’t new. While an increase of 5% will impact transactions the bigger effect will be in those areas that are new to the tax. Again, transitional rules were not put in place for Greater Vancouver. While Foreign Buyer numbers for all areas now affected by the tax show less than 5% being a Foreign Buyer, further measures on identifying beneficial owners may result in further taxation not accounted in these numbers. On the whole, the effects in Greater Vancouver will continue to push buyers to the lower end of the market, and continue to see the luxury property market soften. It may also push some buyers back to Greater Vancouver from other areas, specifically Victoria and Nanaimo who went there to buy and avoid the Foreign Buyer Tax.

For the first time, there is a speculation tax on properties owned by individuals not paying Income Tax in BC and that keep the property vacant. The tax will be 0.5% of assessed value in 2018 and increased to 2% in 2019 for all areas affected by the Foreign Buyer Tax. The speculation tax will be applied to all properties that are not owner occupied or qualify as a long-term rental property. There are still details of the Speculation Tax to be determined by the Provincial Government as to its implementation and potential exemptions. Details of the tax so far are in the link below.

The effect will likely see some rental properties being introduced into the market that have been vacant as well as some supply coming onto the resale market as owners that will be subject to the tax on their property decide to sell instead of renting their property or paying the tax. While the numbers of properties potentially affected are not known, and vacant homes owned from someone residing outside British Columbia are widely speculated (how ironic), it will take time to see any real effects. It may turn investment away from affected areas – especially vacation homes in the Central Okanagan which sees individuals from Alberta purchasing vacation homes there and already owning homes there – which they may look to sell instead of paying the tax.

The government will be raising the amount of school taxes for properties valued at $3,000,000 and more. Properties valued between $3,000,000 and $4,000,000 will be subject to a 0.2% tax and a 0.4% tax on the assessed value above $4,000,000 beginning next year.

Again another measure which will weaken the luxury home market further and put pressure on prices to come down above $3,000,000 as the layered taxes take their toll. The areas mostly affected would be West Vancouver, Vancouver West and Richmond. Retired homeowners in these areas will be affected the most as this will be a significant increase in their taxes - $8,000 annually on a property assessed at $4,000,000. While they have an ability to defer their taxes, some may choose to sell or be forced to sell. This will add supply into a market with depressed demand.

In attempting to deal with money laundering and tax fraud, the Provincial Government is going to begin collecting information on pre-sales and assignments of contracts from developers. This data base will be shared with provincial and federal tax authorities. As well, additional information on beneficial owners of corporations will be required on property transfer forms. A registry of beneficially-owned properties will be established and publicly available through the Land Title Office.

While the Provincial Government didn’t put any controls or added taxes in place for pre-sale (off plan) sales including the assignment of contracts, this measure may be the first step into looking at some sort of taxation or demand side measure on those type of sales. The provincial government has indicated all the steps are the beginning of measures to be put in place, depending on the reaction of the market.

The Supply Side of the real estate equation was left mostly untouched by the government for resale and brand new properties. There was language to aid in providing more purpose built rental and affordable housing (114,000 units over the next 10 years) along with commitments to student housing and allowing post-secondary institutions to borrow to build student housing. But with labour shortages currently occurring to a large degree in the construction industry, any increased building outside market for sale units will only further restrict supply as labour is moved away from that type of construction. So while the government is looking to work with Mayors to increase density around transit hubs, the ability to build may become harder to do. And without any impact on speeding up the permitting process, delays will continue to be a factor.

Sales and listings stats are attached as of February 11, 2018. Total sales so far in February for Greater Vancouver is at 787 compared to 948 at the same point in February last year. New listings are at 1,633 so far compared to 1,383 at the same point last year. Vancouver’s West Side is off last year’s pace in February significantly with on 144 homes sold compared to 222 at the same point last year, and a much higher stock of listings coming on. Markets going east are showing higher absorption rates, with price point being the biggest driver in the market currently. The new financing rules are undoubtedly having their impact on the market. With the lack of inventory on the lower end, properties are still seeing multiple offers though and the lack of available produce may be part of the reason for slower sales to start. But with a trend so far of stronger new listings in February, competition may ease slightly if at all. The balance of price and ability to pay may put some controls on the market in the higher price points of apartments and townhouses. With the Provincial budget coming in just over a week, a lot will be happening with very little month left! Here is a summary of the activity so far:

Greater Vancouver – 787 Units Sold so far in February 2018 compared to 948 Units as of February 12, 2017. Total New Listings so far in February 2018 are 1,633 compared to 1,383 at the same time in February 2017. Total Active Listings are at 7,842 (7,841 at the same time last year). Sales To Listings Ratio is at 48% compared to 69% in January 2017.

Vancouver West - 144 Units Sold so far in February 2018 compared to 222 Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 376 compared to 267 at the same time in February 2017. Total Active Listings are at 1,458 (1,325 at the same time last year). Sales To Listings Ratio is at 38% compared to 83% in January 2017.

Vancouver East – 88 Units Sold so far in February 2018 compared to 92 Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 152 compared to 147 at the same time in February 2017. Total Active Listings are at 919 (894 at the same time last year). Sales To Listings Ratio is at 57% compared to 63% in January 2017.

North Vancouver – 58 Units Sold so far in February 2018 compared to 84 Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 103 compared to 113at the same time in February 2017. Total Active Listings are at 440 (398 at the same time last year). Sales To Listings Ratio is at 56% compared to 74% in January 2017.

West Vancouver – 787 Units Sold so far in February 2018 compared to 1,649 Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 1,633 compared to 1,383 at the same time in February 2017. Total Active Listings are at 7,842 (7,841 at the same time last year). Sales To Listings Ratio is at 48% compared to 69% in January 2017.

Richmond – 106 units Sold so far in February 2018 compared to 116Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 1,633 compared to 1,383 at the same time in February 2017. Total Active Listings are at 183 (184 at the same time last year). Sales To Listings Ratio is at 48% compared to 69% in January 2017.

Attached are the Sales and Listings Report updated to the end of January 2018. The real estate market in Metro Vancouver clearly is suffering from a lack of supply currently. For the third straight year, new listings for Greater Vancouver in January decreased from the year before. With 3,906 new listings in January this year, it was 21 per cent down from the 10 year average. Even with snow being on the ground for most of January last year, Sellers were still more hesitant to list their homes for sale this January. There were 8 per cent less new listings compared to January 2017, 14 per cent less new listings than January 2016 and 20 per cent less new listings than January 2015. Total sales for Greater Vancouver in January were 1,864 – up 6.5 per cent from January 2017 and up 6.4 per cent on the ten year average. Detached sales were down 24.8 per cent from the 10-year January average, townhouse sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period. Total active listings were at 7,371 at month’s end, compared to 7,874 in January 2017, 7,471 in January 2016 and 11,753 in January 2015.

So where have all the Sellers gone? Detached homes are sitting in balanced to buyer’s market conditions with 5 month’s supply and higher in some areas (West Side Detached is sitting at 13 month’s supply with only 46 homes sold in January (compared to 36 in January 2017). While townhouse and apartments have 2 month’s supply and in some areas 1 month’s supply. That segment of the market continues to be the most active and under-inventoried part of real estate in Metro Vancouver. And with that, pressure on prices continues with multiple offer scenarios still occurring – more so in the apartment market. Will February see an increase in listings? That would certainly be helpful for buyers if it were to happen. With the global economy continuing to be strong, and equities markets allowing for increases in stock equity, there may be more money available for real estate as money is pulled out of stocks and put in the real estate market to balance portfolios. With an interest rate increase in January, the more stringent qualifying requirement for mortgages with over 20 per cent down payment and the provincial budget coming out on February with a number of items to address housing affordability, it will be a month of potential answers to this question of inventory as we see how the market reacts.

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Buyers in the detached market are facing less competition and have much more selection to choose from. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”

In the Fraser Valley, there were 1,210 sales of all property types which was a 24 per cent increase compared to January of last year and a 10 per cent decrease from December 2017. Likely as many buyers were trying to purchase ahead of the mortgage rule changes that came into place on January 1, 2018. Of the 1,210 sales last month, 281 were townhouses and 338 were apartments. There were 2,092 new listings in January, a 63.8 per cent increase from December 2017 and a 3.9 per cent decrease compared to January 2017.

Greater Vancouver: Total Units Sold in January 2018 was 1,846 – up from 1,553 (19%) from January 2017, down from 2,574 (28%) in January 2016; Active Listings are at 7,371 compared to 7,834 at this time last year; New Listings in January 2018 were down 8% compared to January 2017; Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Seller’s Market for Apartments and Townhouses with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 37% in January 2017.

Vancouver Westside Residential: Total Units Sold in January 2018 was 313 – up from 271 (15%) from January 2017, down from 473 (34%) in January 2016; Active Listings are at 1,331 compared to 1,355 at this time last year; New Listings in January 2018 were down 9% compared to January 2017; Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Seller’s Market for Apartments and Townhouses with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 30% in January 2017.

Vancouver Eastside Residential: Total Units Sold in January 2018 was 137 – down from 139 (1%) from January 2017, down from 207 (34%) in January 2016; Active Listings are at 922 compared to 874 at this time last year; New Listings in January 2018 are up 5% compared to January 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 33% in January 2017.

North Vancouver Residential Total Units Sold in January 2018 was 132 – up from 107 (23%) from January 2017, down from 167 (21%) in January 2018; Active Listings are at 413 compared to 398 at this time last year; New Listings in January 2018 were down 1% compared to January 2017; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Seller’s Market for Apartments and Townhouses with some Buyer’s Market tendencies) and a Sales to Listings Ratio of 45% compared to 36% in January 2017.

West Vancouver Houses: Total Units Sold in January 2017 was 43 – up from 26 (65%) from January 2017, down from 108 (60%) in January 2016; Active Listings are at 493 compared to 416 at this time last year; New Listings in January 2018 were down 5% compared to January 2017; Month’s Supply of Total Residential Listings is up to 11 Month’s Supply (Extreme Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 13% in January 2017.

Richmond Residential: Total Units Sold in January 2017 was 275 – up from 225 (22%) from January 2017, down from 396 (30%) in January 2016; Active Listings are at 1,104 compared to 1,154 at this time last year; New Listings in January 2018 were down 18% compared to January 2017; Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Seller’s Market for Apartments and Townhouses with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 34% in January 2017.

Sales and listings stats are attached as of January 14, 2018. While sales are ahead of last year at this time, the number of properties being listed is below that of last year at this time and significantly below that of January 2016 at this time. And we don’t have the snow and cold weather we had last year to blame for this. Is it a wait and see approach so far or just a slow start to the market? It’s too early to tell, but there certainly is no shortage of distractions in the market right now. With the new mortgage stress test being one of the distractions, a strong prediction for a Bank of Canada rate increase on January 17th which will impact variable rate mortgages and short term credit in Canada, and the continual discussion of where the market is going. But certainly the biggest impact on the market so far is low inventories, for the third straight year seeing Active Listings below 7,000 in Greater Vancouver to start the year. This in comparison to numbers at or above 10,000 that is typical over the last 10 years. Here is a summary of the activity so far (note the breakdown of Houses, Townhouses and Condos have been expanded to all areas):

Greater Vancouver – 597 Units Sold so far in January 2018 compared to 492 Units Sold so far at this time in January 2017. Total New Listings so far in January are 1,344 compared to 1,540 at this point in January 2017 and 2,088 at this point in January 2016. Total Active Listings are at 6,966 compared to 6,781 at this time last year. Sales To Listings Ratio is at 44% compared to 37% in January 2017.

Vancouver West -103 Units Sold so far in January 2018 compared to 82 Units Sold so far at this time in January 2017. Total New Listings so far in January are 280 compared to 314 at this point in January 2017 and 406 at this point in January 2016. Total Active Listings are at 1,175 compared to 1,093 at this time last year. Sales To Listings Ratio is at 37% compared to 30% in January 2016.

Vancouver East – 44 Units Sold so far in January 2018 compared to 39 Units Sold so far at this time in January 2017. Total New Listings so far in January are 140 compared to 134 at this point in January 2017 and 181 at this point in January 2016. Total Active Listings are at 830 compared to 760 at this time last year. Sales To Listings Ratio is at 31% compared to 33% in January 2017.

North Vancouver – 46 Units Sold so far in January 2018 compared to 38 Units Sold so far at this time in January 2017. Total New Listings so far in January are 95 compared to 103 at this point in January 2017 and 137 at this point in January 2016. Total Active Listings are at 358 compared to 310 at this time last year. Sales To Listings Ratio is at 48% compared to 36% in January 2017.

West Vancouver – 14 Units Sold so far in January 2018 compared to 9 Units Sold so far at this time in January 2017. Total New Listings so far in January are 59 compared to 60 at this point in January 2017 and 106 at this point in January 2016. Total Active Listings are at 456 compared to 339 at this time last year. Sales To Listings Ratio is at 24% compared to 13% in January 2017.

Richmond – 98 Units Sold so far in January 2018 compared to 93 Units Sold so far at this time in January 2017. Total New Listings so far in January are 205 compared to 258 at this point in January 2017 and 267 at this point in January 2016. Total Active Listings are at 1,055 compared to 976 at this time last year. Sales To Listings Ratio is at 48% compared to 34% in January 2017.

Attached are the yearend 2017 Sales and Listings Stats in Greater Vancouver. It certainly was the year of the strata home! Condos lead the market, along with townhouses and detached houses lagging behind in terms of activity. Of the total sales in Greater Vancouver, 50 percent were condos (up from 46 per cent in 2016 and 42 per cent in 2015), 17 per cent were townhouses (up from 15 per cent in 2016 and the same at 17 per cent in 2015) and 32 percent where houses (down from 36 per cent in 2016 and 41 per cent in 2015). Clearly buyers are shifting towards condos and townhouses as the price of detached home prices continued to rise. All areas showed similar patterns albeit Vancouver’s Westside saw 73 per cent of sales being condos and only 16 per cent were detached houses. It’s evident the market in Vancouver was focussing on more less expensive homes with detached houses showing stronger activity going east throughout Metro Vancouver. New Westminster and North Vancouver continue at 2 Month’s Supply Inventory of all home types. While sales were less than 2016, for those two cities active listings did not increase to the same extent as other areas, specifically in the detached house category. Price gains were highest in the condo market, followed by the townhouse market with the detached market remaining static and with some declines. Market dynamics played out in very different ways depending on the area of Metro Vancouver being looked at.

In the Fraser Valley there were 22,338 sales in 2017, which was down 7.3 per cent from the record of 23,974 sales in 2016. Of the total sales, 28 per cent were condos, 23 per cent were townhouses and 54 per cent were detached houses. There were a total of 32,651 new listings in 2017, the third highest on record – with 2016 and 2008 being the highest. But inventory levels still remain at low levels making the challenge of finding a home difficult for buyers.

Some highlights in market areas during 2017:

The number of sales of Detached Houses in West Vancouver declined from 1,075 in 2015 to 834 sales in 2016 to 496 sales in 2017

The number of sales of Detached Houses on Vancouver’s West Side declined from 2,031 in 2015, to 1,591 in 2016 to 1,090 in 2017

Total residential sales for Greater Vancouver in 2017 were 36,604 – down from 40,880 in 2016 and 43,155 in 2015 but they were 10 per cent above the average since 1997

Total new listings for Greater Vancouver were 56,038 – right at the 20 year average but the lowest annual amount since 2009

There were many influences on our market in 2017. Federal mortgage rates increased for the first time since August 2010 which increased rates on variable rate mortgages and lines of credit. The discussion on affordability continued throughout the year with it being an influence on voters in the provincial election in May resulting in a change from the Liberal Party to the NDP Party being the ruling party. While there was an expectation that the government would act quickly to create policy to help ease affordability, they have said this will come in February with the release of the 2018 provincial budget. And what might we see? They have stated they do not have an appetite to ban foreign buyers, but the Foreign Buyer Tax will be reviewed – perhaps expanding the area applied to beyond Metro Vancouver? A speculation tax? That has been discussed, the details of which have not been released but certainly speculated. Ironic that a speculation tax would be subject to so much speculation itself! The City of Vancouver introduced an Empty Home Tax which begins this year based on the occupancy of homes in 2017. Any home vacant for more than 180 days will be subject to a tax of 1 per cent of the assessed value. The implementation of the tax is proving to be more complicated and creating liability for buyers and sellers in real estate transactions. So while many like to speak in general terms about the Metro Vancouver real estate market, it is very much a regional and product differentiated market.

So what will the real estate market bring in 2018 in Metro Vancouver? A lot of discussion! Not so much on where the market is going, but how it got to where it is. With Statistics Canada recently releasing numbers on the amount of foreign owners of real estate in Canada, they weren’t as high as many would have thought – 4.8 per cent in Vancouver’s residential market. The condo market showed a higher number at 7.8 per cent. Of course, the arguments ensued as to what makes a foreign owner and are all true foreign owners being accounted for. What’s true is that this is not a phenomenon unique to Metro Vancouver. As witnessed by Toronto’s introduction of a 15 per cent Foreign Buyer Tax, New Zealand in 2017 banning all foreign buyers of real estate and Australia’s previously instituted rule that foreign nationals could only buy new housing, not resale housing. And of course, the argument ensues, what’s really driving prices, the demand side of the equation or the supply side – the lack of it. It’s interesting to note that in the United States, the housing market faced shortages of homes in the resale market and saw November be one of the strongest Novembers for sales on record.

Similar to last year at this time, home inventory is low and the likelihood of significant increases is something that won’t change in the near term. Completions of new product will occur at a greater level this year, but how many will come to market? Not enough to change listing amounts and impact prices. Strata properties will continue to be in short supply and high demand and detached homes will continue to see demand at a lower level and prices affected by this. And the conversations on real estate will continue at a feverish pace!

Here is a summary of the numbers:

Greater Vancouver: Total Units Sold in December 2017 was 2,069 – down from 2,831 in November 2017; up from 1,743 in December 2016 and down from 2,905 in December 2015. Total Active Listings were at 7540 at month end, up from 6,944 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 129% in December 2016. Benchmark Price is up 15.9% since January 2017 but only up 1.3% over the last 3 months.

Vancouver Westside: Total Units Sold in December 2017 was 315 – down from 505 in November 2017; down from 324 in December 2016 and down from 512 in December 2015. Total Active Listings were at 1,284 at month end, up from 1,071 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 97% in December 2017 compared to 140% in December 2016. Benchmark Price is up 12.6% since January 2017 but down 1.7% over the last 3 months.

Vancouver Eastside: Total Units Sold in December 2017 was 239 – down from 315 in November 2017; up from 183 in December 2016 and down from 264 in December 2015. Total Active Listings were at 927 at month end, up from 815 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 115% in December 2017 compared to 117% in December 2016. Benchmark Price is up 14.5% since January 2017 but flat over the last 3 months.

North Vancouver: Total Units Sold in December 2017 was 172 – down from 250 in November 2017; up from 138 in December 2016 and down from 210 in December 2015. Total Active Listings were at 393 at month end, up from 296 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market, more so for Condo/Townhouses) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 142% in December 2017 compared to 197% in December 2016. Benchmark Price is up 12.1% since January 2017 but down 0.9% over the last 3 months.

West Vancouver: Total Units Sold in December 2017 was 42 – down from 57 in November 2017; up down 44 in December 2016 and down from 86 in December 2015. Total Active Listings were at 510 at month end, up from 356 at the end of December 2016, Month’s Supply of Total Residential Listings is at 12 Months (Buyer’s Market) compared to 8 Months Supply at the end of 2016 and Sales to Listings Ratio was 81% in December 2017 compared to 80% in December 2016. Benchmark Price is up 5.8% since January 2017 but down 1.1% over the last 3 months.

Richmond: Total Units Sold in December 2017 was 287 – down from 350 in November 2017; up from 235 in December 2016 and down from 424 in December 2015. Total Active Listings were at 1,184 at month end, up from 1,040 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 15.4% since January 2017 but only up 2.1% over the last 3 months.

Burnaby East: Total Units Sold in December 2017 was 28 – up from 30 in November 2017; up from 20 in December 2016 and down from 35 in December 2015. Total Active Listings were at 106 at month end, up from 73 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 112% in December 2017 compared to 154% in December 2016. Benchmark Price is up 15.2% since January 2017 but only up 1.1% over the last 3 months.

Burnaby North: Total Units Sold in December 2017 was 99 – down from 144 in November 2017; up from 85 in December 2016 and down from 149 in December 2015. Total Active Listings were at 266 at month end, up from 237 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 99% in December 2017 compared to 149% in December 2016. Benchmark Price is up 16.8% since January 2017 but only up 1.1% over the last 3 months.

Burnaby South: Total Units Sold in December 2017 was 109 – down from 148 in November 2017; up from 73 in December 2016 and down from 203 in December 2015. Total Active Listings were at 370 at month end, up from 340 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 5 Months Supply at the end of 2016 and Sales to Listings Ratio was 96% in December 2017 compared to 111% in December 2016. Benchmark Price is up 16.3% since January 2017 but only up 0.9% over the last 3 months.

New Westminster: Total Units Sold in December 2017 was 117 – down from 167 in November 2017; up from 84 in December 2016 and up from 103 in December 2015. Total Active Listings were at 187 at month end, up from 182 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 25.4% since January 2017 but only up 1.8% over the last 3 months.

Coquitlam: Total Units Sold in December 2017 was 162 – down from 228 in November 2017; up from 128 in December 2016 and down from 243 in December 2015. Total Active Listings were at 487 at month end, up from 393 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 98% in December 2017 compared to 152% in December 2016. Benchmark Price is up 21.6% since January 2017 but only up 0.8% over the last 3 months.

Port Moody: Total Units Sold in December 2017 was 38 – down from 73 in November 2017; down from 41 in December 2016 and down from 51 in December 2015. Total Active Listings were at 106 at month end, down from 113 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 141% in December 2016. Benchmark Price is up 20.7% since January 2017 but only up 1.0% over the last 3 months.

Port Coquitlam: Total Units Sold in December 2017 was 71 – down from 94 in November 2017; up from 59 in December 2016 and down from 98 in December 2015. Total Active Listings were at 135 at month end, down from 148 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 109% in December 2017 compared to 140% in December 2016. Benchmark Price is up 23.9% since January 2017 but only up 0.3% over the last 3 months.

Ladner: Total Units Sold in December 2017 was 26 – the same for November 2017; up from 21 in December 2016 and up from 22 in December 2015. Total Active Listings were at 92 at month end, down from 135 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 6 Months Supply at the end of 2016 and Sales to Listings Ratio was 162% in December 2017 compared to 111% in December 2016. Benchmark Price is up 9.9% since January 2017 but only up 0.4% over the last 3 months.

Tsawwassen: Total Units Sold in December 2017 was 13 – down from 24 in November 2017; down from 15 in December 2016 and down from 50 in December 2015. Total Active Listings were at 141 at month end, down from 143 at the end of December 2016, Month’s Supply of Total Residential Listings is at 11 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 10 Months Supply at the end of 2016 and Sales to Listings Ratio was 100% in December 2017 compared to 68% in December 2016. Benchmark Price is up 9.3% since January 2017 and down 0.3% over the last 3 months.

Sales and listings stats are attached as of December 17, 2017. With typical December activity occurring, we are still seeing buyers and sellers engaging in the market. While there are more listings already in December this year compared to all of December 2016, the number of active listings is declining and will continue to do so through the month. The question is how many active listings will there be to start 2018? With December 31st a common expiry date for listings, we will see a number of properties come off the market leaving likely close to 7,000 active listings in Greater Vancouver to start the year. Demand has been consistent so far in December with sales likely to finish close to 2,000 for Greater Vancouver compared to December 2016 at 1,743. Many a wish has been made this holiday season for the real estate market, but which ones will come through in the new year remains to be seen. Here is a summary of the activity so far:

Greater Vancouver – 1,178 Units Sold so far in December 2017 compared to 1,743 Units Sold in December 2016. Total New Listings so far in December are 1,546 compared to 1,350 total in December 2016. Total Active Listings are at 8,666 (9,369 at the end of November and 7,963 at this time in December 2016). Sales To Listings Ratio is at 76% compared to 67% in November 2017.

Vancouver West - 195 Units Sold so far in December 2017 compared to 324 Units Sold in December 2016. Total New Listings so far in December are 265 compared to 231 total in December 2016. Total Active Listings are at 1,464 (1,607 at the end of November and 1,277 at this time in December 2016). Sales To Listings Ratio is at 74% compared to 69% in November 2017.

Vancouver East – 126 Units Sold so far in December 2017 compared to 183 Units Sold in December 2016. Total New Listings so far in December are 173 compared to 156 total in December 2016. Total Active Listings are at 1,078 (815 at the end of November and 923 at this time in December 2016). Sales To Listings Ratio is at 73% compared to 61% in November 2017.

North Vancouver – 96 Units Sold so far in December 2017 compared to 138 Units Sold in December 2016. Total New Listings so far in December are 96 compared to 70 total in December 2016. Total Active Listings are at 509 (595 at the end of November and 380 at this time in December 2016). Sales To Listings Ratio is at 100% compared to 66% in November 2017.

West Vancouver – 23 Units Sold so far in December 2017 compared to 44 Units Sold in December 2016. Total New Listings so far in December are 39 compared to 55 total in December 2016. Total Active Listings are at 568 (626 at the end of November and 402 at this time in December 2016). Sales To Listings Ratio is at 59% compared to 33% in November 2017.

Richmond – 162 Units Sold so far in December 2017 compared to 235 Units Sold in December 2016. Total New Listings so far in December are 227 compared to 226 total in December 2016. Total Active Listings are at 1,333 (1,419 at the end of November and 1,128 at this time in December 2016). Sales To Listings Ratio is at 71% compared to 56% in November 2017.

This is the Sales and Listings Report updated to the end of November 2017. Sales for November were down from October in most areas, we typically see November down from October in terms of number of homes sold though. Greater Vancouver home sales were 2,831 in November, down 8 per cent from October which was 3,073 and up 26 per cent from November 2016 when the fallout from the Foreign Buyer Tax was moving through the fall. The 10 year average for sales in November is 2,605, showing sales for this November were up 9 percent on the average. Sales in West Vancouver were actually 24 per cent higher in November compared to the month previous (57 sales versus 46). While the number of new listings coming on market in most areas are down for November compared to October, new listings were up considerably compared to November 2016. In Greater Vancouver this increase was 27 per cent, and 25 per cent above the 10 year average for November. In North Vancouver the number of new listings was 69 per cent more this month compared to November 2016. Contrary to this is a dropping Active Listing count – finishing in November at 9,369 listings compared to 9,768 at the end of October. The number of new listings coming on market was 17 per cent higher than the average for the month of November going back to 1991.

With the new Federal mortgage rule changes slated to begin on January 1st, 2018, we may see a bump in December activity as some buyers may be trying to obtain mortgages before the stress test requirement comes into play. Both the Federal and Provincial governments have made announcements about funding more affordable and social housing. And the City of Vancouver has come out with their Housing Vancouver Strategy http://vancouver.ca/people-programs/housing-vancouver-strategy.aspx The goal is to build 72,000 new homes over the next 10 years. Not just new homes, but the right mix of homes targeted towards what it is needed most. Of course the demand side of the equation is getting significant discussion in the public and media. The City of Vancouver is looking to the Provincial Government for help on this, but we’ll have to wait until the February Provincial Budget to see what they are willing to do. According to the Premier, they want to get it right and not make a rash decision.

“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels."

The Fraser Valley Real Estate Board processed 1,743 sales of all property types on its Multiple Listing Service® in November, an increase of 39.8 per cent compared to the 1,247 sales in November of last year, and a 3.1 per cent decrease compared to the 1,799 sales in October 2017. This will mark the second highest sales total for a November in the Board’s history. “Our attached market feels like our detached market used to,” Gopal Sahota, Fraser Valley Real Estate Board president remarked. “With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the Valley.”

Greater Vancouver: Total Units Sold in November 2017 was 2,831 – down from 3,073 (8%) in October 2017, up from 2,255 (26%) in November 2016, down from 3,603 (21%) in November 2015; Active Listings are at 9,369 compared to 9,051 at this time last year; New Listings in November 2017 were up 31% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 67% compared to 70% in November 2016 and 66% in October 2017. House Price Index is up 0.4% month over month, and up 1.7% over the last 3 months.

Vancouver Westside Residential: Total Units Sold in November 2017 was 505 – down from 556 (9%) in October 2017, up from 408 (24%) in November 2016, down from 694 (27%) in November 2015; Active Listings are at 1,607 compared to 1,469 at this time last year; New Listings in November 2017 were up 27% compared to November 2016, down 21% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 69% compared to 71% in November 2016 and 60% in October 2017.

Vancouver Eastside Residential Total Units Sold in November 2017 was 315 – up from 298 (6%) in October 2017, up from 251 (25%) in November 2016, down from 333 (5%) in November 2015; Active Listings are at 1,153 compared to 1,012 at this time last year; New Listings in November 2017 were up 24% compared to November 2016, down 6% from October 2017; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 61% compared to 60% in November 2016 and 54% in October 2017.

North Vancouver Residential: Total Units Sold in November 2017 was 250 – matching 250 in October 2017, up from 173 (45%) in November 2016, down from 274 (9%) in November 2015; Active Listings are at 595 compared to 488 at this time last year; New Listings in November 2017 were up 69% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 2 Months (Seller’s Market in the attached segment and balanced Market in the detached segment) and a Sales to Listings Ratio of 66% compared to 78% in November 2016 and 61% in October 2017.

West Vancouver Houses: Total Units Sold in November 2017 was 57 – up from 46 (24%) in October 2017, up from 44 (30%) in November 2016, down from 108 (47%) in November 2015; Active Listings are at 626 compared to 462 at this time last year; New Listings in November 2017 were up 55% compared to November 2016, down 13% from October 2017; Month’s Supply of Total Residential Listings dropped to 11 Months (Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 33% compared to 40% in November 2016 and 23% in October 2017.

Richmond Residential: Total Units Sold in November 2017 was 350 – down from 411 (15%) in October 2017, up from 262 (34%) in November 2016, down from 501 (30%) in November 2015; Active Listings are at 1,419 compared to 1,280 at this time last year; New Listings in November 2017 were up 46% compared to November 2016, up 1% from October 2017; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market in the attached segment and Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 56% compared to 61% in November 2016 and 66% in October 2017.

Sales and listings stats are attached as of November 19, 2017. A light spike of inventory is occurring as the year draws to a close. Looking at the number of new listings coming on for November so far, we are seeing amounts higher than this time last year and in 2015 for November. Sales will be up from last year, not surprisingly but down from 2015. And Active listings are slightly above this time last year and 2015 as well. The areas in most need of new listings are still lagging behind though, with the apartment market still facing all time low inventory and as a result continued pressure on prices and occurrences of multiple offers. Supply side and demand side arguments continue to permeate through the market and will continue to be the discussion among many as the year draws to a close and the Provincial Government prepares for its first budget under their new rule.

Greater Vancouver –1,626 Units Sold so far in November 2017 and should finish with 2,700 for the month (up from 2,255 in November 2016.) Total New Listings so far in November are 2,550 and likely to finish with 4,000 (up from 3,220 in November 2016.) Total Active Listings are at 9,491 (up from 9,369 at the same time in 2016), Sales To Listings Ratio is at 64% compared to 66% at the end of October 2017.

Vancouver West - 297 Units Sold so far in November 2017 and should finish with 480 for the month (up from 408 in November 2016.) Total New Listings so far in November are 431 and likely to finish with 650 (up from 574 in November 2016.) Total Active Listings are at 1,648 (up from 1,572 at the same time in 2016), Sales To Listings Ratio is at 69% compared to 60% at the end of October 2017.

Vancouver East – 176 Units Sold so far in November 2017 and should finish with 280 for the month (up from 251 in November 2016.) Total New Listings so far in November are 315 and likely to finish with 530 (up from 419 in November 2016.) Total Active Listings are at 1,153 (up from 1,034 at the same time in 2016), Sales To Listings Ratio is at 56% compared to 54% at the end of October 2017.

North Vancouver – 149 Units Sold so far in November 2017 and should finish with 250 for the month (up from 222 in November 2016.) Total New Listings so far in November are 239 and likely to finish with 380 (up from 222 in November 2016.) Total Active Listings are at 594 (up from 511 at the same time in 2016), Sales To Listings Ratio is at 62% compared to 61% at the end of October 2017.

West Vancouver – 34 Units Sold so far in November 2017 and should finish with 55 for the month (up from 44 in November 2016.) Total New Listings so far in November are 103 and likely to finish with 160 (up from 110 in November 2016.) Total Active Listings are at 627 (up from 474 at the same time in 2016), Sales To Listings Ratio is at 33% compared to 23% at the end of October 2017.

Richmond – 197 Units Sold so far in November 2017 and should finish with 350 for the month (up from 262 in November 2016.) Total New Listings so far in November are 373 and likely to finish with 630 (up from 427 in November 2016.) Total Active Listings are at 1,410 (up from 1,327 at the same time in 2016), Sales To Listings Ratio is at 53% compared to 66% at the end of October 2017.

Attached are the Sales and Listings Stats updated to the end of October 2017. As typically seen in the fall market, October sales finished above September. The numbers in October were 3,073 homes sold in Greater Vancouver, up 7 per cent from September and 15 per cent above the 10 year average for October. But over the last 10 years, the average increase in sales for October over September has been 5 per cent. So the trend for this year is much the same. New listings in October were down 15 per cent to September but up 14 per cent to October last year. Keeping in mind last year the Foreign Buyer’s Tax created a holding pattern in the market through the fall. New listings in October 2017 were up only 2 per cent on the 10 year average.

The trend continues, inventory is the lightest where it’s needed most – in the townhouse and apartment market. Total active listings in Greater Vancouver have decreased from 10,122 at the end of September to 9,768 at the end of October. Most areas are sitting at 3 Month’s Supply of homes on the market with detached homes in the 6 to 7 Month Supply range and townhouses and condos in the 1 to 2 Month Supply range. The exception is West Vancouver which continues to see the higher end of the market still very soft, dating back to June 2016. In October there were 29 houses sold, resulting in 18 Month’s Supply, compared to 146 house sold (2 Month’s Supply) at the peak of the market in March 2016. The detached housing market in other areas did show an increase in October compared to the previous three months but are still in a balanced to buyer’s market state.

October saw the announcement that the Federal Government was implementing the mortgage stress test for all mortgages from National Banks for borrowers with a down payment of 20 per cent and more. Similar to the stress test implemented for all high ratio buyers (less than 20 per cent down payment), this requires that borrowers qualify at a rate 2 per cent above the negotiated rate on their mortgage. This change last year was thought to be problematic for first time buyers and the bottom end of the market. In fact, that market segment has been the driving force with the lower end subject to extremely limited inventory and continual multiple offers. So what will be the effect of these recent changes? With an implementation date of January 1, 2018 (barring any changes), the market is reacting with increased buyer demand as those buyers facing stiffer lending requirements try to purchase before January. And again, the lower end of the market is bearing the biggest brunt of this increased pressure. “Without reflection, we go blindly on our way, creating more unintended consequences, and failing to achieve anything useful.” Margaret J. Wheatley.

From the Real Estate Board of Greater Vancouver, “Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices,” Jill Oudil, REBGV president said. “It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices. The growth in our provincial economy and job market is contributing to today’s demand,” Oudil said. “The federal government’s announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term.”

The Fraser Valley Real Estate Board processed 1,799 sales of all property types on its Multiple Listing Service® in October, an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017. Attached sales represented 56 per cent of all market activity for the month, with apartment sales totalling 591 and townhomes at 418.

“The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast we can list them.”

Greater Vancouver: Total Units Sold in October 2017 was 3,073 – up from 2,881 (7%) in September 2017, up from 2,284 (35%) in October 2016, down from 3,714 (17%) in October 2015; Active Listings are at 9,768 compared to 9,826 at this time last year; New Listings in October 2017 were up 14% compared to October 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 66% compared to 53% in September 2017 and 56% in October 2016.

Vancouver Westside Residential: Total Units Sold in October 2017 was 556 – up from 540 (3%) in September 2017, up from 408 (36%) in October 2016, down from 700 (21%) in October 2015; Active Listings are at 1,725 compared to 1,652 at this time last year; New Listings in October 2017 were up 23% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 60% compared to 51% in September 2017 and 54% in October 2016.

Vancouver Eastside Residential: Total Units Sold in October 2017 was 298 – up from 268 (11%) in September 2017, up from 202 (48%) in October 2016, down from 357 (17%) in October 2015; Active Listings are at 1,168 compared to 1,047 at this time last year; New Listings in October 2017 were up 11% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 54% compared to 47% in September 2017 and 40% in October 2016.

North Vancouver Residential Total Units Sold in October 2017 was 250 – up from 210 (19%) in September 2017, up from 170 (47%) in October 2016, down from 289 (13%) in October 2015; Active Listings are at 604 compared to 551 at this time last year; New Listings in October 2017 were up 30% compared to October 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 61% compared to 45% in September 2017 and 54% in October 2016.

West Vancouver Residential: Total Units Sold in October 2017 was 46 – down from 56 (18%) in September 2017, up from 35 (31%) in October 2016, down from 148 (69%) in October 2015; Active Listings are at 652 compared to 516 at this time last year; New Listings in October 2017 were up 39% compared to October 2016; Month’s Supply of Total Residential Listings is down to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 20% in September 2017 and 25% in October 2016.

Richmond Residential: Total Units Sold in October 2017 was 411 – up from 379 (8%) in September 2017, up from 290 (42%) in October 2016, down from 488 (16%) in October 2015; Active Listings are at 1,408 compared to 1,370 at this time last year; New Listings in October 2017 were up 22% compared to October 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 66% compared to 53% in September 2017 and 57% in October 2016.

Sales and listings stats are attached as of October 15, 2017. So far we’re seeing a stronger October for sales compared to last October. Understandably this isn’t a surprise what with the fall-out from the Foreign Buyer Tax fresh on the minds of buyers and sellers at this time last year. As well, last year this was part of my update “The real estate market continues to be the target of government regulatory changes. The latest being mortgage rule changes that took effect October 17th. These changes have added a “stress test” to mortgage qualifying which essentially requires anyone with less than 20 per cent down payment to qualify at a rate of 4.64 per cent as opposed to the lower negotiated rates. The effect is lowering the purchasing power of some buyers – mostly first time buyers.” Well this year the story could be very similar but with this same type of rule which would affect those buyers with more than 20 per cent down. While the final details have yet to be released, we’ll see where the market goes for the remainder of October. Certainly a lack of inventory continues to keep pressure on condo and townhouse prices with the detached market while showing more life so far in October compared to September is still in a balanced to buyer’s market state.

Greater Vancouver –1,368 Units Sold so far in October 2017 compared to 1,015 Units Sold by October 15, 2016. Total New Listings so far in October are 2,054 compared to 2,008 by the same time last year. Total Active Listings are at 9,855 (10,037 at the same time in October 2016), Sales To Listings Ratio is at 67% compared to 51% at this time in October 2016.

Vancouver West - 255 Units Sold so far in October 2017 compared to 197 Units Sold by October 15, 2016. Total New Listings so far in October are 441 compared to 364 by the same time last year. Total Active Listings are at 1,747 (1,663 at the same time in October 2016), Sales To Listings Ratio is at 58% compared to 54% at this time in October 2016.

Vancouver East – 125 Units Sold so far in October 2017 compared to 82 Units Sold by October 15, 2016. Total New Listings so far in October are 228 compared to 250 by the same time last year. Total Active Listings are at 1,114 (1,046 at the same time in October 2016), Sales To Listings Ratio is at 55% compared to 33% at this time in October 2016.

North Vancouver – 104 Units Sold so far in October 2017 compared to 73 Units Sold by October 15, 2016. Total New Listings so far in October are 189 compared to 156 by the same time last year. Total Active Listings are at 619 (581 at the same time in October 2016), Sales To Listings Ratio is at 55% compared to 47% at this time in October 2016.

West Vancouver – 24 Units Sold so far in October 2017 compared to 11 Units Sold by October 15, 2016. Total New Listings so far in October are 93 compared to 70 by the same time last year. Total Active Listings are at 638 (522 at the same time in October 2016), Sales To Listings Ratio is at 26% compared to 16% at this time in October 2016.

Richmond – 195 Units Sold so far in October 2017 compared to 126 Units Sold by October 15, 2016. Total New Listings so far in October are 287 compared to 240 by the same time last year. Total Active Listings are at 1,415 (1,399 at the same time in October 2016), Sales To Listings Ratio is at 68% compared to 53% at this time in October 2016.

Attached are the Sales and Listings Stats updated to the end of September 2017. Real estate markets seem like a distant conversation in light of the events of the last few days. So many conversations need to be had on things not real estate related, far beyond sales and listings and sale prices. While shifting towards the September market now, let’s hope other conversations continue. The fall is upon us, and while September traditionally does start off slow, it did pick up as the month moved on. Looking at sales week by week, the month finished with the greatest amount weekly sales for this September in Greater Vancouver as the month closed out. A similar pattern continued in the market though, detached trailing the attached market in terms of sales activity with detached only being 30% of overall sales. September saw a slight decrease in sales from August in Greater Vancouver with total units sold at 2,881 which was down from 3,097 (7 per cent) in August 2017 and up 25 per cent compared to September 2016. New listings in September were up 26 per cent compared to August 2017 and up 11 per cent compared to September 2016. Sales in Greater Vancouver were up 13 per cent on the 10 year average and new listings were right at the 10 year average. Active listings in Greater Vancouver are as well right at the same level as last year.

Looking at area specific trends, Richmond was one of the lower performing areas with sales in September down 17 per cent compared to August 2017, with that drop spread amongst attached and condos while detached houses were the same as August. In fact the condo sales for Vancouver East and West Side and North Vancouver all saw declines in September compared to August. All while new listings were higher and active listings were increasing; a much needed boost into the most overheated segment of the market. Will this trend continue as we move into October, history shows that September is the peak for new listing numbers, but then again the Metro Vancouver real estate market makes up its own rules. With continued hints that mortgage rule changes are coming and with interest rates up from their lows, there could be external forces that affect the real estate market as we move to finish the year. But one interesting quote came from B.C.’s new Premier, John Horgan, “Housing is a critical component of many people's equity and their retirement prospects, and we want to make sure we don't adversely affect the marketplace." So perhaps our provincial government is going to back off from election rhetoric on making changes to the Metro Vancouver housing market.

From the Real Estate Board of Greater Vancouver, “Our detached homes market is balanced today, while apartment and townhome sales remain in seller’s market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”

The Fraser Valley Real Estate Board processed 1,619 sales of all property types on its Multiple Listing Service in September, an increase of 24.1 per cent compared to the 1,305 sales in September of last year, and a 13.8 per cent decrease compared to the 1,899 sales in August 2017. This was the fifth highest sales total for a September in the Board’s history. Of the total sales processed 392 were townhouses and 470 were apartments, together representing 53% of market activity in September.

The Board received 2,848 new listings in September, an 8.2 per cent decrease from August 2017, and a 5.1 per cent increase compared to September 2016’s 2,709 new listings.

Greater Vancouver: Total Units Sold in September 2017 was 2,881 – down from 3,097 (7%) in August 2017, up from 2,304 (25%) in September 2016, down from 3,423 (16%) in September 2015; Active Listings are at 10,122 compared to 10,061 at this time last year; New Listings in September 2017 were up 11% compared to September 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Seller’s Market but trending to balanced) and a Sales to Listings Ratio of 53% compared to 71% in August 2017 and 47% in September 2016.

Vancouver Westside Residential: Total Units Sold in September 2017 was 540 – up from 516 (5%) in August 2017, up from 426 (27%) in September 2016, down from 609 (11%) in September 2015; Active Listings are at 1,744 compared to 1,474 at this time last year; New Listings in September 2017 were up 11% compared to September 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Seller’s Market in attached but trending to buyer’s market in detached) and a Sales to Listings Ratio of 51% compared to 69% in August 2017 and 45% in September 2016.

Vancouver Eastside Residential: Total Units Sold in September 2017 was 268 – down from 288 (7%) in August 2017, up from 200 (34%) in September 2016, down from 350 (24%) in September 2015; Active Listings are at 1,107 compared to 1,005 at this time last year; New Listings in September 2017 were up 2% compared to September 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Seller’s Market but trending to balanced) and a Sales to Listings Ratio of 47% compared to 69% in August 2017 and 36% in September 2016.

North Vancouver Residential Total Units Sold in September 2017 was 210 – down from 217 (3%) in August 2017, up from 182 (15%) in September 2016, down from 255 (18%) in September 2015; Active Listings are at 600 compared to 567 at this time last year; New Listings in September 2017 were up 6% compared to September 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 45% compared to 82% in August 2017 and 41% in September 2016.

West Vancouver Residential: Total Units Sold in September 2017 was 56 – up from 50 (12%) in August 2017, up from 39 (28%) in September 2016, down from 100 (44%) in September 2015; Active Listings are at 636 compared to 518 at this time last year; New Listings in September 2017 were up 35% compared to September 2016; Month’s Supply of Total Residential Listings is down to 11 Month’s Supply (Buyer’s market dominated by detached sales and limited attached sales) and a Sales to Listings Ratio of 20% compared to 37% in August 2017 and 19% in September 2016.

Richmond Residential: Total Units Sold in September 2017 was 379 – down from 454 (17%) in August 2017, up from 269 (41%) in September 2016, down from 457 (17%) in September 2015; Active Listings are at 1,482 compared to 1,425 at this time last year; New Listings in September 2017 were up 29% compared to September 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Seller’s Market in attached but trending to a balanced market in detached) and a Sales to Listings Ratio of 53% compared to 67% in August 2017 and 49% in September 2016.

Sales and listings stats are attached as of September 17, 2017. Just like kids starting school, we typically see a gradual entry into the fall market when September rolls around. With activity picking up over the last week, we are starting to see the level of sales and new listings increasing. Sales in Greater Vancouver are up 21 per cent compared to the same time in September of last year, while new listings are up 11 per cent. Of course last September was the hangover of the Foreign Buyer Tax introduction and a lot of buyers and sellers were shaking out the cobwebs of what was a significant shake up in the market – more indirectly than directly. Of course this year saw disruption as well with an election and eventual change in government, talk of changes in housing policies and interest rate increases for the first time in a number of years.

But before we draw any conclusions about a fall market, we’ll let it play out through the month to see where September finishes. But so far, any increase in new listings is being bought up by the increase in sales – with the focus still predominantly in the apartment and townhouse market.

Greater Vancouver –1,361 Units Sold so far in September 2017 compared to 1,126 Units Sold at this time in September 2016. Total New Listings so far in September are 2,988 compared to 2,693 at this time in September 2016. Total Active Listings are at 9,968 (9,716 at the same time in September 2016), Sales To Listings Ratio is at 46% compared to 42% at this time in September 2016.

Vancouver West - 271 Units Sold so far in September 2017 compared to 219 Units Sold at this time in September 2016. Total New Listings so far in September are 607 compared to 517 at this time in September 2016. Total Active Listings are at 1,724 (1,593 at the same time in September 2016), Sales To Listings Ratio is at 45% compared to 42% at this time in September 2016.

Vancouver East – 110 Units Sold so far in September 2017 compared to 80 Units Sold at this time in September 2016. Total New Listings so far in September are 311 compared to 299 at this time in September 2016. Total Active Listings are at 1,123 (959 at the same time in September 2016), Sales To Listings Ratio is at 35% compared to 27% at this time in September 2016.

North Vancouver – 91 Units Sold so far in September 2017 compared to 89 Units Sold at this time in September 2016. Total New Listings so far in September are 256 compared to 274 at this time in September 2016. Total Active Listings are at 563 (533 at the same time in September 2016), Sales To Listings Ratio is at 36% compared to 32% at this time in September 2016.

West Vancouver – 19 Units Sold so far in September 2017 compared to 14 Units Sold at this time in September 2016. Total New Listings so far in September are 162 compared to 115 at this time in September 2016. Total Active Listings are at 621 (493 at the same time in September 2016), Sales To Listings Ratio is at 12% compared to 12% at this time in September 2016.

Richmond – 195 Units Sold so far in September 2017 compared to 129 Units Sold at this time in September 2016. Total New Listings so far in September are 381 compared to 299 at this time in September 2016. Total Active Listings are at 1,442 (1,412 at the same time in September 2016), Sales To Listings Ratio is at 51% compared to 43% at this time in September 2016.

Attached are the Sales and Listings Stats updated to the end of August 2017. The weather wasn’t the only hot part of Metro Vancouver with real estate sales proving that summer isn’t time off in the market. Although new listings were as dry as our weather over the last 3 months. August saw a slight increase in sales in Greater Vancouver with total units sold at 3,097 which was up from 3,012 (3 per cent) in July 2017 and up 21 per cent compared to August 2016. New listings in August were down 19 per cent compared to July 2017 and down 1 per cent compared to August 2016. Sales in Greater Vancouver were up 17 per cent on the 10 year average and new listings were down 2 per cent compared the to 10 year average. Increased demand this summer was not afforded any more inventory and thus bringing inventory levels down further. Yes, the same old story, supply is not keeping up with demand. There’s more speculation in the media as to where the buyers are coming from then actual speculation in the market. Ask many a visitor to Vancouver this summer, would they like to live here? And many just might.

Where has the market tempered? Detached properties. In Vancouver’s West Side, there were only 52 sales in August 2017. The slowest month since January and even less than August 2016 when the Foreign Buyer Tax came in and took the air out of the market to finish 2016. That brought Month’s Supply of Detached Homes on the West Side up to 14. The East Side of Vancouver fared better with 114 homes sold, compared to 111 in July and 78 last August. It’s holding at 7 Month’s Supply. West Vancouver Detached sales showed a similar result as the West Side, with only 30 homes sold compared to 41 in July and 31 last August. Perhaps some of the uncertainty formed from the change in government and prospect of further regulatory changes in real estate are affecting the higher end of the market. The apartment and townhouse market remains strong though. With sales exceeding July in most areas – a trend that is not the norm. August is typically the lull in the market as summer dreams take over new homes dreams. And supply is not coming up with Vancouver, North Vancouver and Richmond all seeing only one Month Supply of product currently on the market. The tale of two markets continues.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets,” Oudil said. “Detached homes have entered a balanced market. This means there’s less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions.”

According to the Fraser Valley Real Estate Board, “Persistent and growing demand for townhomes and apartments in the Fraser Valley led to the second strongest August historically in terms of sales. The Fraser Valley Real Estate Board processed 1,879 sales of all property types on its Multiple Listing Service® in August, an increase of 10.9 per cent compared to the 1,694 sales in August of last year, and a 3 per cent decrease compared to the 1,937 sales in July 2017. Of the total sales, 470 were townhouses and 548 were apartments, together representing 54 per cent of the market activity in August.” In Greater Vancouver 17 per cent of total sales were townhouses and 49 per cent were apartments for a total of 66 per cent of market activity. On the West Side of Vancouver that total jumps to 81 per cent.

Greater Vancouver: Total Units Sold in August 2017 was 3,097 – up from 3,012 (3%) in July 2017, up from 2,554 (21%) in August 2016, down from 3,431 (10%) in August 2015; Active Listings are at 9,470 compared to 9,198 at this time last year; New Listings in August 2017 were down 1% compared to August 2016; Month’s Supply of Total Residential Listings is constant at 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 71% compared to 58% in August 2016 and 56% in July 2017.

Vancouver Westside Residential: Total Units Sold in August 2017 was 516 – down from 525 (2%) in July 2017, up from 452 (14%) in August 2016, down from 751 (31%) in August 2015; Active Listings are at 1,596 compared to 1,474 at this time last year; New Listings in August 2017 were down 4% compared to August 2016; Month’s Supply of Total Residential Listings is constant at 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 69% compared to 57% in August 2016 and 53% in July 2017.

Vancouver Eastside Residential: Total Units Sold in August 2017 was 288 – down from 307 (6%) in July 2017, up from 218 (32%) in August 2016, down from 303 (5%) in August 2015; Active Listings are at 1,070 compared to 865 at this time last year; New Listings in August 2017 were down 10% compared to August 2016; Month’s Supply of Total Residential Listings is constant at 4 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 69% compared to 47% in August 2016 and 56% in July 2017.

North Vancouver Residential Total Units Sold in August 2017 was 217 – up from 200 (8%) in July 2017, up from 161 (35%) in August 2016, down from 219 (2%) in August 2015; Active Listings are at 472 compared to 395 at this time last year; New Listings in August 2017 were down 3% compared to August 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 82% compared to 59% in August 2016 and 55% in July 2017.

West Vancouver Houses: Total Units Sold in August 2017 was 50 – down from 56 (10%) in July 2017, down from 57 (11%) in August 2016, down from 102 (51%) in August 2015; Active Listings are at 575 compared to 467 at this time last year; New Listings in August 2017 were up 16% compared to August 2016; Month’s Supply of Total Residential Listings is up to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 49% in August 2016 and 32% in July 2017.

Richmond Residential: Total Units Sold in August 2017 was 454 – up from 404 (12%) in July 2017, up from 324 (40%) in August 2016, flat compared to 455 in August 2015; Active Listings are at 1,422 compared to 1,411 at this time last year; New Listings in August 2017 were up 15% compared to August 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 67% compared to 55% in August 2016 and 50% in July 2017.

Attached are the Sales and Listings Stats updated to the end of July 2017. Typical of summer in Metro Vancouver, the weather heats up and the market cools down. And with the wet spring we had this year and now the hot summer, attention has pulled away from real estate. And no different than we’ve seen over the last few years, July sales fall off those of the previous few months. We are now one year since the Foreign Buyer Tax with no clear indication of its affects, other than to stall the market last fall. The debates will continue in the coming months as we compare year over year with the tax in place. Residential home sales in June saw a decline in July in Greater Vancouver with total units sold at 3,012 which was down from 3,953 (24 per cent) in June 2017. Active Listings this month has increased 7 per cent to June 2017 and up 9 per cent compared to July 2016. New listings in July 2017 in Greater Vancouver were down 9 per cent from June 2017, and flat compared to July 2016. The strata property market once again continues to be the dominant force in property sales with a continued lack of inventory and strong demand. The benchmark price for a detached property in Greater Vancouver is only up 1.9 per cent since July 2016, the benchmark price for townhouse properties is up 11.9 per cent since July 2016 and the benchmark price for apartment properties is up 18.5 per cent since July 2016. While active listings have increased, we still haven’t seen them reach 10,000 yet this year.

“Housing demand is inconsistent across the region right now. Pockets of the market are still

receiving multiple offers and others are not. It depends on price, property type, and location,” Jill

Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached

home to sell compared to both townhomes and condominiums.”

Meanwhile according to the Fraser Valley Real Estate Board, sales activity remained strong in July, despite month-over-month decrease for each of the three major residential property types. This was the sixth strongest July historically for the Fraser Valley Real Estate Board. The Fraser Valley Real Estate Board processed 1,937 sales of all property types on its Multiple Listings Service® (MLS®) in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a 24.7 per cent decrease compared to the 2,571 sales in June 2017.

Of the 1,937 sales processed last month, 447 were townhouses and 544 were apartments. This is the twelfth consecutive month attached sales have outpaced detach sales in the region. Last month total active inventory for the Fraser Valley was 5,970 listings. Active inventory decreased by 0.7 per cent year-over-year and increased 8.8 per cent when compared to June 2017.

Greater Vancouver: Total Units Sold in July 2017 was 3,012 – down from 3,953 (24%) in June 2017, down from 3,301 (9%) in July 2016, down from 4,038 (25%) in July 2015; Active Listings are at 9,869 compared to 9,038 at this time last year; New Listings in July 2017 were the same compared to July 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 56% compared to 61% in July 2016 and 67% in June 2017.

Vancouver Westside Residential: Total Units Sold in July 2017 was 525 – down from 644 (19%) in June 2017, down from 604 (13%) in July 2016, down from 806 (39%) in July 2015; Active Listings are at 1,705 compared to 1,495 at this time last year; New Listings in July 2017 were down 3% compared to July 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 53% compared to 59% in July 2016 and 59% in June 2017.

Vancouver Eastside Residential: Total Units Sold in July 2017 was 307 – down from 451 (32%) in June 2017, up from 290 (6%) in July 2016, down from 391 (21%) in July 2015; Active Listings are at 1,135 compared to 800 at this time last year; New Listings in July 2017 were up 1% compared to July 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 56% compared to 54% in July 2016 and 71% in June 2017.

North Vancouver Residential Total Units Sold in July 2017 was 200 – down from 298 (33%) in June 2017, down from 240 (17%) in July 2016, down from 285 (30%) in July 2015; Active Listings are at 554 compared to 399 at this time last year; New Listings in July 2017 were down 0.5% compared to July 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 55% compared to 66% in July 2016 and 70% in June 2017.

West Vancouver Houses: Total Units Sold in July 2017 was 56 – down from 92 (39%) in June 2017, down from 67 (14%) in July 2016, down from 110 (39%) in July 2015; Active Listings are at 585 compared to 514 at this time last year; New Listings in July 2017 were down 12% compared to July 2016; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 33% in July 2016 and 40% in June 2017.

Richmond Residential: Total Units Sold in July 2017 was 404 – down from 503 (40%) in June 2017, down from 433 (7%) in July 2016, down from 543 (26%) in July 2015; Active Listings are at 1,435 compared to 1,398 at this time last year; New Listings in July 2017 were up 6.9% compared to July 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Seller’s to Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 57% in July 2016 and 58% in June 2017.